Whale Says Bitcoin CPI Rally Is Fake, Built on Borrowed Money

A large Bitcoin holder said the token's post-CPI rally is unsustainable, driven by leveraged positions rather than genuine demand. The whale, who asked not to be named, told AlphaScala the move was "built on borrowed money" and would reverse once funding costs catch up. Bitcoin rose 2.8% after the inflation print but gave back half the gain within hours, data from CoinGecko show. The trader said perpetual swap funding rates spiked to 0.12% on Binance, a level that historically precedes a flush. The comment comes as open interest across crypto derivatives hit a three-month high, according to Coinglass. The whale declined to specify their position size.